NEWS

Vision Becomes Brisbane's Largest Mixed-Use Development at $1 Billion

28 February 2008

Valued at $1 billion, Brisbane's tallest tower, Vision, has left its latest mark on the city's history books, becoming the largest mixed use development to ever be undertaken in the central business district (CBD).

A review of the gross value of Vision, by its developer Austcorp Group Limited, shows it has jumped another $30 million dollars to become a $1 billion dollar project.

Austcorp executive chairman Trevor Chappell said Vision's development value reflected a development with a range of services and amenities never seen before in Brisbane.

"Vision will be Brisbane's largest residential, commercial, retail and tourism development," he said.

"In addition to its apartments, offices, shops, restaurants and lifestyle facilities, Vision will have the city's first 24-hour concierge and will boast Brisbane's first observation deck tourist attraction.

"A building of Vision's sheer size and stature means we cannot afford to compromise on quality.

"Careful planning has and will continue to go into this project – whether it's the carpet used in each and every one of the 401 apartments or the quality of glass in a plaza retail store, no detail will be spared."

The $1 billion project announcement comes on the back of an exciting month for the flagship Australian project.

"Vision has captured the imagination of Brisbane and has proved enormously popular with sales now at $250 million, with 70% of apartments already sold," Mr Chappell said.

"The pre-sales of apartments and the recent commercial sale shows the strength of the Brisbane market and confirms an enthusiastic acceptance of the project among future residents and investors."

In addition, Investa Property Group has purchased 70 per cent of Vision's commercial component for $185 million.

The commercial space Investa purchased is being built in a separate tower as part of the Vision development, yielding a net lettable area of about 21,500sqm, with 128 carparks.

Vision, which will be Brisbane's tallest building at 287 metres, is being built on a 5500sqm site on the corner of Mary and Margaret streets in the CBD.

With commercial workplaces consisting of approximately 30,000sqm of net lettable area over 15 levels, Vision has the biggest A grade office floor plates on offer in the Brisbane CBD.

Other features include a residents' private media and theatre room; a dedicated business centre; a gym and swimming pool, public art displays; and a 5-star restaurant on the 62nd floor.

Vision's street-level plaza, covering a space about one-quarter the size of the Queen Street Mall, will also provide a vibrant mix of retail outlets such as fresh food markets, delicatessens, espresso bars and more restaurants.

A specialty of the Vision tower will be its services akin to a five-star luxury hotel, starting with Brisbane's first 24-hour, 7-day concierge in a residential building.

"As developers in a city undergoing a resurgence, this is certainly an exciting time for us to deliver a building of such calibre," Mr Chappell said.

Apartments in Vision start at $509,000 for a one-bedroom apartment.

Read more about Austcorp's Vision.
Go to the Vision Brisbane website at www.visionbrisbane.com.au.